Cyprus: Finance and Banking

Starting a brokerage company involves more than just technology and marketing—it requires careful planning across licensing, corporate structure, banking relationships, payment solutions, and compliance frameworks. This comprehensive guide walks through the essential steps founders must take to build a legally sound, operationally ready brokerage business that can secure banking partnerships and support long-term growth.

The European Parliament's Economic and Monetary Affairs Committee has approved a legislative proposal for the digital euro, a new electronic form of money issued by the European Central Bank. This comprehensive package addresses the establishment of the digital euro, its distribution by payment service providers, and the continued legal tender status of physical cash, with a pilot programme scheduled for 2027.

The Court of Justice of the European Union has ruled that banks cannot automatically refuse to open basic payment accounts solely because an applicant appears on a third-country sanctions list, such as OFAC. While such designations constitute relevant risk factors, financial institutions must conduct individual, proportionate assessments demonstrating that AML and sanctions-related risks cannot be adequately managed through appropriate measures.